Agencies playing catch up with pensions

  • Source: Sun Cities Independent
  • Published: 10/17/2018 09:42 AM

Agencies throughout Arizona are working to keep their employees pensions funding even if it means playing catch up, and Sun Cities are no exception. According to an Arizona Public Safety Personnel Retirement System report, at the end of fiscal year 2017, the system had accrued nearly $600,000 in unfunded liabilities – about 37 percent of its total obligations. Most of the increased pension liability agencies are dealing with was due to an Arizona Supreme Court ruling that declared an increase to PSPRS employee contributions illegal and mandated government agencies to refund excess payments to employees. The rest of the increase was due to an increase that will repeat for five more years.



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